pre algerbra
posted by Kemmaris .
susan bought a 6 month $1,700 certificate of deposit.At the end of six months she received $63 simple interest. what annual rate of interest did the certificate pay?
In a year then it would be 2 times $63
So $1700 times the rate of interest (we will call it X) will equal the interest.
Thus the equation
1700X=(63)(2)
solve for x
X=.074
or 7.4%
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